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How to deposit Bitcoin in your account

Depositing Bitcoin (BTC) in your Blockrise account is a straightforward process, but it's important to ensure that you don't exceed your cryptocurrency deposit limit.

 

Verification of Source of Funds

As Blockrise is regulated by the Dutch Central Bank (DNB), we have to comply with several laws and regulations, including the Anti-Money Laundering (AML) policy. This policy obliges Blockrise to request Source of Funds of their clients, proving that clients have received these funds through legal means.

When depositing cryptocurrencies in your account, please check if they were part of your last application regarding your Source of Funds:

  • If these crypto have been included in your previous application for Source of Funds, you can proceed with the steps below to deposit bitcoins in your account.
  • If these crypto have not been included in your previous application for Source of Funds, the first thing you should do is update your Source of Funds.

You can update your Source of Funds on your Profile page. There, select the button 'Edit personal information' and proceed to the verification process. Under the 'Source of Funds' header, you can raise your deposit limit to the desired amount and provide additional documents, proving the source(s) of the new funds. 

 

Steps to deposit Bitcoin in your account

When you want to deposit bitcoins in your account from an external wallet (and your deposit limit is not exceeded), please follow the steps below:

  1. Go to the Wallet page on your Blockrise dashboard.
  2. Select the button ‘Deposit’ behind the BTC symbol.
  3. Click on ‘Generate new address.’ This address can be used to send your bitcoins to.
  4. Send the amount of BTC from the external wallet to your newly generated Blockrise address. Make sure to double-check the wallet address you are sending Bitcoin to.
  5. Wait for your transaction to be processed and to reach your Blockrise Wallet. This can take from a couple of minutes to several hours, depending on the blockchain network itself.

 

Please note that crypto transactions cannot be reversed. If a mistake has occurred, the transaction cannot be undone. It is recommended for large sums of crypto to, firstly, send a small amount of crypto to a new address and confirm that it is a valid and reliable wallet before, secondly, sending the remainder.